LMG Forum: 10 tips for E-endorsements and Lloyd’s touch tables – a solution to ‘ping-ponging’?

Salmon was pleased to sponsor the Endorsement Manager of the Month awards at the London Market Group Forum on 26th July at the Willis Building in London. Congratulations to the winners – Ropner Insurance Services and Chubb.

The awards were presented by Christopher Croft, LMG Secretariat who also gave an update on modernisation. Chris attributed the fall in E-endorsements in June to the Jubilee celebrations, noting that the July figures have already ‘oustripped June volumes’.

Next up was Hayley Spink, from the LMG  Endorsements Group who shared good practice tips from brokers, carriers and MGAs who have implemented E-endorsements, including:

  1. Having a strong visible senior sponsor.
  2. Having access to good quality management information.
  3. Setting targets,and including these in underwriters’ or brokers’ personal objectives.
  4. Communicating internally.
  5. Having champions within the underwriting or broking team.
  6. Seeking and sharing feedback.
  7. Sharing the Clause wording internally and with the client each time a  risk is being negotiated or renewed.
  8. Talking to peers at other companies and sharing good practice.
  9. ‘Hand holding’ when the company first goes online to ensure the first endorsements go smoothly.
  10. Setting up internal competition between teams.

Paul Willoughby, Project Manager in Market Development at Lloyd’s concluded the morning’s proceedings on the topic of future technology. He talked about various market development initiatives, including the collaboration project.

Paul provided some background to this by summarising the process for the lifecycle of a risk as Preparation, Negotiation and Processing. He commented that in the Lloyd’s market the traditional face-to-face negotiation model can be very efficient.  However, he then went on to describe intriguing-sounding practices like ‘ping-ponging’ that actually make the negotiation less efficient. Fortunately, he explained that ‘ping-ponging’ was the repeated sending of a contract back and forth between underwriter and broker for many small changes.

Lastly, he shared feedback from the recent interactive ‘touch table’ experiment in the Lloyd’s coffeeshop. Paul said he was shocked by the 90% positive feedback from market practitioners.  He saw this type of technology as supporting the traditional Lloyd’s face-to-face business model but improving speed by giving underwriters and brokers access to everything they needed in one place. There are more details here.

All in all, an enjoyable and informative start to a Thursday.  You can  register here for the next LMG Forum on 23rd August.

Download the slides here

New eInsurance Client Executive and Nexus go-live with RiskWrite

Like when you’re waiting for a bus and then two turn up together, we’ve made two announcements recently regarding our eInsurance practice and our multi channel insurance solution, RiskWrite.

First up, was the arrival of Neil Hodges who joined us in the new role of Client Executive with the aim of helping to grow our eInsurance business and to continue to develop RiskWrite.  He will also be contributing to Upstream on Insurance industry topics.

Commenting on his new role at Salmon, Neil said, “I am very pleased to be given the opportunity to help Salmon’s clients grow their business across multiple product lines, distribution channels and regions. RiskWrite is a highly regarded insurance solution and I am looking forward to helping shape the future roadmap.”

Chris Harvey, Chairman of Salmon said, “Neil brings with him extensive experience of the insurance and IT services industry meaning he is well placed to support the ongoing growth of our eInsurance business. He joins us at an exciting stage in the development of RiskWrite, our multi channel insurance solution. Neil’s experience will help us capitalise on the opportunities within the UK and international markets and continue to help our clients respond to the ongoing challenges and opportunities within the insurance market.”

Neil has 30 years’ experience of the insurance industry, having started his career as a Lloyd’s underwriter before moving into the insurance technology and services sector working for companies like Xchanging and Tri Systems.  He is based in our London office and can be contacted on +44 (0)203 170 8546.

This was closely followed by the announcement that Nexus Underwriting Management (Nexus) have gone live on RiskWrite.

Nexus Underwriting Management

Nexus launched its new Lloyd’s Managing General Agency, Nexus Professional Risks (NPR),  earlier this year and approached Salmon to supply a new insurance solution to service and grow the business. Salmon configured and implemented RiskWrite to provide NPR with a full insurance underwriting solution, including policy administration and broker portal. Following initial planning, the project was delivered in just two months.

NPR depends upon reliability and service delivery for its underwriters and 1,800 broker portal users. They needed a smooth, fast transition and are very happy with the outcome.

Colin Thompson, CEO of Nexus Group said “Our partnership with Salmon was created to help achieve our key objective – going live quickly and easily so the service to our underwriters and brokers wasn’t disrupted. The migration process itself started on a Friday and was completed by the following Monday. Ensuring a smooth and fast transition was absolutely key to the success of the Novae acquisition. RiskWrite™ will allow us to respond quickly to rate and market changes and to communicate with agents and brokers across all our channels – so much so that we are considering adopting it in other areas of our business.”